At First, People Came Through Tamara's Gate at the Fair

question 192

Multiple Choice

At first, people came through Tamara's gate at the fair in groups of two or three.Later, group size increased substantially.The same number of people went through Nick's gate, but in the opposite pattern-many large groups at first, then dwindling.Tamara estimated the crowd at 2,000, but Nick estimated 7,000.The difference in their estimates can best be explained by:

• A)the representativeness heuristic
• B)the availability heuristic
• C)the anchoring and adjustment heuristic
• D)the working backward heuristic

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Definitions:

Different Product

A good or service that is distinct from others in its category, often possessing unique characteristics or features.

Demand

The quantity of a product or service that consumers are willing and able to purchase at a given price.

Safety Inventory

The extra inventory held to mitigate the risk of stockouts due to uncertainties in demand or supply.

Warehouse Inventory

Encompasses the goods and materials held in a storage space awaiting further distribution or sale, essential for managing supply chain efficiency.